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HomeMy WebLinkAboutCity Council Minutes 10.03.1961 MINUTES OF COUNCIL MEETING OF THE CITY COUNCIL OF LAUREL, MONTANA. A regular meeting of the City Council of the City of Laurel, Montana, was held in the Council Chambers, and was called to order by Mayor John Beslanwitch, at 7230 Otclock, P. M., on Tuesday, October 3, 1961. Upon roll call, the following aldermen answered present: Jacob Ruff Cecil Nave Harold L. Wilson Gerald L. Gass Steve Romee Henry Kaiser Kenneth Olson Roy Edwards Mrs. Dorothy P. Bundy, City Clerk, was also present during the entire meeting. This being the time and place for the opening of bids on Sewage Disposal Plant Bonda, City of Laurel, Montana, in the amount of $300,000.00, Mayor Beslanwiteh stated that the minutes would be dispensed with temporarily, and we would proceed with the opening of these bids, Mayor Beslanwitch then asked Thomas L. Bradley, the City Attorney, to preside at this meeting for the purpose of hearing these bids. The City Clerk stated that there were no sealod bids received by her office prier to the meeting, whereupon Mr. Bradley asked for an opening bid. B. Meyer Harris, representing the Yellowstone Bank, Georg* K. Baum & Company, and others, opened the bidding on the basis of 4% straight across, with extra coupons, the bidder to stand the expense of the imprinting of the bonds and the attorneyts opinion, subject of course to the approval of the Attorney. B. Meyer Harris requested that bidders be allowed to bid on total interest rather than percentage, which request was granted, whereupon his first bid was $123,000.00, or 4%. J. A. Hogle, then offerred the same conditions, also the other bidder, Piper, Jaffray & Hopwood. All bids were accompanied by Cashierrs Checks in the amount of $30,000.00 or more. Piper, Jaffray & Hopwood, being the second bidder, offerred $122,000.00. Hogle, Incorporated, then offerred $121,900.00. As each bidder had an opportunity to bid consecutively, when Hogles' bid reached $1150900.000 the Yellowstone Bank asked for a five,* minute recess. Mr. Bradley, as the presiding officer, granted this recess. lV. i Upon re-convening the meeting, the Yellowstone Bank continued the bidding with $115,800.00. Upon Piper, Jaffray & Hopwood bidding $115,100.00, another recess was requested by J. A. Hogle. Recess was granted by Mr. Bradley. Upon re-convening the meeting, Hogle bid. $115,300.00. Yellowstone Bank, $115,200.00. Piper, Jaffra.y & Hopwood $115,100.00. Hogle's last bid was :115,000.00, upon which he passed. further bidding. The Yellowstone Bank's last bid was $111,700.00, c_r 3.73%, and passed for further bidding. Upon which Piper Ja.ffray & Hopwood bid a final bid of $114,600.00, or 3.7268%, with a $210.00 premium. After discussion, motion was made by Ruff and seconded by Nave that the bid of Piper, Jaffray & Hopwood be accepted. Motion carried. Motion was then made by Kaiser and seconded by Gass that, the City Clerk be authorized to return the Cashier's checks to the unsuccess- ful bidders. Motion carried, and the members present, picked up these checks. George Fox, the representative for Piper, Jaffray & Hopwood, requested that the transcript cf the proceedings be forwarded to Piper, Jaffray & Hopwooa, 115 South Seventh, in care of Ruth Cranston. RESOLUTION NO. 1200 A RE?JLUTTON PROVIDING FOR THE SALE, OF $300,000.00 OF GENERAL SE1,1'AGE DISPOSAL PLANT BONDS OF THE CITY OF LA-URE13 YELLOWSTONE COUNTY, r'CGNTANA, TO PIPER, JAFFiiAY & HOPI COD OF riINNEAPOLIS, 14INNESO'1A. BE IT HEZO LVED BY THE CITY COUNCIL OF THE CITY OF LAUREL, MONTANA : tiMER.EAS, the City Council of the City cf Laurel, Yellowstone County, Montana, in pursuance to Resolutions 1166 and 1169, duly arid. regularly adopted by the City Council, culy and regularly published a "Notice of Sale of Laurel, Montana, Sewage Disposal Plant Bonds" in manner and form and for the time required by law on September 6th, September 13th, September 20th, and September 27th, 1961, as is eviaenced by the Affidavit of Publication thereof now on file in the office of the r City Clerk, and which is hereby made a part, of this resolution, and tidHERFAS, the City Clerk oft.he City of Laurel, did., at least fifteen (15) days before the 3rd day c.f October, A.D., 1961, the date fixed for the sale of the said bonds, mail a copy of such published notice to the secretary of the State Board of Land Commissioners of the State of Montana, and at the same time furnished to the said secretary a transcript c:f the proceedings had for the issuance of such bonds, together with such other information as was requested by the said. secretary, all of which more fully appears from the afifioavit of the City Clerk now on file in the office of the said City Clergy;., and which said afficavit is likewise made a part, of this resolution, and -WHEREAS, the only bids received for the purchase of the said bonds were received from the Yellowstone Bank, Laurel, Nontana; J. A. Hogl.e & Company, Denver, Colorado; and Piper, Jaffray & Hopwood., Minneapolis, Minnesota., and YHEREAS, the bid. of Piper, Jaffray & Hopwood, cf Ilinnea.polis, Minnesota, is the best bid received fcr the saia bonds ano is adjudged the most, advantageous to the City of Laurel, NOW, THEREFORE, BE IT RESOLVED BY the City Council of the City of Laurel, Montana, that the bid of Piper, Jaffray and Hopwood, of Minneapolis, Minnesota, for the entire issue cf the X300,000.00 General Sewage Disposal. Plant Bonds of the City of Laurel, Montana, be, and the same is hereby accepted in accoraance with the terms of the said bid or proposal, and BE 1T' FUitTHEL? RESOLVED THAT the said issue of S .i, ,ol Bon be issued in Three Hundred (300) separate serial bonds numbered consecutively from one (1) tc, three hundred (300) inclusive and be of the par value of One Thousand and. no/100 ($1,000.00) Dollars each, all dated October 1, 1961, and maturing serially, Fifteen (15) bonds amounting to Fifteen T'ho8sand and no/100 ($15,000,00) Dollars on the first day of July in each year, beginning July 1, 1962, except said numbered bonds shall be identical in form except as to numbers and dates of 2aturity and the number of coupons to be attached to each of the said bonds, and BE IT FURTHER RESOLVED that the said bonds shall be in essence and forma substantially as follows: No. UNITED STATES OF AMERICA STATE OF MONTANA COUNTY OF YELLOWST 0rM CITY OF LAU-`LL GENERAL SMWAGE DISPOSAL PLANT BONDS $1,000.00 SERIAL PLAN SERIES OF 1961 THE CITY OF LAUREL, in the County of Yellowstone.. Spate of Montana, for value received, hereby acknowledges itself indebted, and hereby promises to pay to the bearer hereof, the sum of ONE THOUSAND DOLLARS in lawful money of the United States of America,, on the first day of July, A.D. 19 , together with the interest thereon at the rate of % per annum, payable semi-,annually on the first day of January and the first day of July in each year, both principal and interest being payable at the office of to City Treasurer, upon presentation and surrender of this bond and the annexed coupons as they respectively become due. For the prompt payment hereof, both principal and interest as the same becomes due, the full faith and credit of the 9ity of Laurel, are hereby irrevocably pledged. (The City of Laurel reserves the right to redeem this bond on Jvrly 1, A.D., 1967, or on any interest due date thereafter before maturity.) This bond is one of a series of three hundred (300) bonds in the sum of One Thousand and no/100 ($1,000.00) Dollars each, making a total issue of Three Hundred Thousand and no/100 ($300000.00)Dollars, and due serially. These bonds are issued by the City of Laurel under the authority of, and in full compliance with the provisions of Chapter 23, Title 11, of d f- + the Revised Coaes of Montana, 1917, and laws supplementary thereto, or amendatory hereof, and a resolution duly and regularly adopted by the City Council; and are issued in order to obtain funds for the purpose of procuring, constructing, establishing and installing a new Sewage Disposal System, and improvements to the existing system, including main interceptor lines, within and without the corporate limits of said City, thus improving the sanitary facilities of said City. It is hereby recited and certified that all acts, conditions, and things required to happen, exist and be performed precedent, to, aria in the issuance of, this bond rave happened, exist, and have been performeo in due time, form and mariner as required by the laws anc the corist.ituticn of the State of Montana. The City Council of the City cf Laurel, for itself and its successors, hereby promise and agree to provide for an annual levy cif taxes upon all of the taxable property in the City of Laurel, IL1ontana, in addition. to all other taxes, sufficient in amount, tc, pay -t-he interest and principal of this bond as the same becomes due. It is hereby recited and certified that the total indebtedness of the said City of Laurel, including this bond, does not exceed the constitutional and statutory lixaitations. IN IITNESS WHEREOF, the City cf Laurel, Yellowstone County, State of Montana, by its City Council, has caused this bond to be signed by the Mayor and the City Treasurer, and their signatures attested by the Cdr Clerk, and the seal of the City of Laurel to be affixed hereto, and the coupons hereto attached to be signed with the facsimile signatures of the said officers this first day cf October, A.D., 1961. ATTEST.': 17brothy F. ndy, City C er r? o n es anwitch, Mayoi n W. dgmcnd, City Treasurer (SEE!L) f I ( COUPONS ) BOND NO. COUPON NO. On the first day of January, A.D., 1962, The City of Laurel, Montana, will pay to the bearer Dollars, in lawful money of the United States, at the office of the City 't'reasurer, for six months interest then due on the bond to which this coupon is attached, being one of its General Sewage Disposal Plant Bonds, dated October 1, 1961. Jon Beslanw tch, Mayor c,f the City c.f Laurel, Montana. o n W. Eagmond, Teeasurer of the 'ty of Laurel, Montana. ATTEST: Id - Dorothy undy, City e o the City of Laurel, Montana. Each group cf fifteen (15) bends will bear different maturity date. Cc,upons attached to each bond are to be numbered in the upper left hand corner the same as the number borne by the bono.-io which the coupons are attached. Coupons on each bond are also to be numbered serially. Coupons are due on the first day of January anc the first day of July, in each year, beginning January lst, 1962. CEIVIIFICATE OF REGISTRATION I DO HE MBY CERTIFY that I have registered the within bona in my office in a book provided for that purpose, arid in the manner provided by law. Dated at Laurel, Montana, this 13th day of October, 1961. -? (SrAL) - OUTSIDE OF BOND Y No. c,rothy P. undy, City C erk P r J L. UNITED STATES OF AMERICA STATE OF MONTANA CITY OF LAUREL SEWAGE DISPOSAL PLANT BOND SERIAL PLAN SERIES OF 1961 $1,000.00 Dated October 1, 1961 Interest Payable semi--annually on January lst & July 1st in each year PRINCIPAL AND INTEREST Payable at the. Office of the City Treasurer Laurel, Montana AND BE IT FURTHER RESOLVED that the Mayor and the City Treasurer of the City of Laurel be, and they are hereby, authorized and directed to execute the said bonds, and the City Clerk of the City of Laurel is hereby authorized and directed to attest the signatures of the said officers and affix to the said bonds the deal of the City of Laurel., and thereupon to deliver all of the said bonds to Piper, Jaffray and Hopwood, of Minneapolis, upon receipt by the City Treasurer of the City of Laurel of the full purchase price thereof, to-wit s the sum of Three Hundred Thousand and n0AO0 ($3002000.00) Dollars, together with accrued interest on the said bonds from October 1, 1961, to the date of delivery' and BE IT FURTHER RESOLVED that there shall be levied a special and separate tax upon all of the taxable property in the City of Laurel suffiefent in amount for the payment of the Principal and Interest on the said bonds during each and every year hereafter, until such bonds shall have been fully paid and all retired. After reading the above resolution by the City Clerk, the motion for its adoption was duly seconded. The Mayor thereupon put the question for the adoption of the resolution, and upon roll call, all the Aldermen present voted "Aye¦s and the Mayor thereupon declared the Resolution duly adopted, y There being nc further business to come before -the Council at this session, motion was duly made ano seconded that the meeting be adjourned. Moticn carried. 1 Jo n Ses anwitc , iaycr ATTEST : Dorothy P. ndy, City Cler (SFAL)